The ________ of something is the gain or pleasure that it brings
A) rational margin
B) marginal cost
C) benefit
D) opportunity cost
E) rational choice
C
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Refer to Figure 13-17. In the long run, why will the firm produce Qf units and not Qg units, which has a lower its average cost of production?
A) At Qg, marginal revenue is less than average revenue which will result in a loss for the firm. B) Although its average cost of production is lower when the firm produces Qg units, to be able to sell its output the firm will have to charge a price below average cost, resulting in a loss. C) At Qg, average cost exceeds marginal cost so the firm will actually make a loss. D) The firm's goal is to charge a high price and make a small profit rather than a low price and no profit.
The best example of a nondurable good is
a. a television set b. carpeting c. a washing machine d. an electric saw e. a pair of children's shoes
Fixed costs of entry create an advantage for potential entrants since incumbents have already made these expenditures while potential entrants can avoid these costs
Indicate whether the statement is true or false
Because most people prefer smartphones to flip phones, firms can improve efficiency by
A. stopping production of flip phones and starting production of smartphones. B. stopping production of both flip phones and smartphones. C. increasing production of both flip phones and smartphones. D. starting production of flip phones and stopping production of smartphones.